The legislative piece, authored by Deputy Lourdes Aybar de Serulle, proposes as requirements for agencies to register in the public registry, have the proper license, have an establishment open to the public or a physical address and even in the case of providing services electronically or telematically.
SANTO DOMINGO.- The “Bill regulating real estate services and brokerage contracts” would create a public registry of intermediaries in which agencies are required to register with said body, and they must meet the requirements established by the Ministry of Industry and Commerce and MSMEs, the entity that would be in charge of their administration.
The proposal currently before the National Congress defines "real estate intermediary": real estate agents or agencies are natural or legal persons who habitually and for remuneration provide mediation, advisory and management services in real estate transactions, related to the purchase and sale, option to purchase, rental, exchange or transfer of real estate and the rights related to such operations, including the establishment of guarantees, who will be subject to the legal and disciplinary regime established in this law and its implementing regulations, without prejudice to what is determined by the specific sectoral regulations.
The legislative piece, authored by Deputy Lourdes Aybar de Serulle, proposes as requirements for agencies to register in the public registry, have the proper license, have an establishment open to the public or a physical address and even in the case of providing services electronically or telematically.
Article 38 of the aforementioned project stipulates that real estate brokers who regularly participate, directly or indirectly, in the real estate brokerage market must also register in the Registry and comply with its regulations, for which they must be provided with the appropriate license.
Real estate brokerage firms
To establish a real estate affiliate company, the project suggests that at least "fifty percent of the share capital, in the case of commercial companies, or fifty percent of the partners or associates, in the case of civil associations, belong to or are authorized brokers.".
Furthermore, the brokerage services must be provided by brokers and real estate agents authorized under this law. “The aforementioned legal entities shall be jointly and severally liable for the actions of the brokers, agents, and other persons under their supervision. The provisions regarding removal, sanctions, and reinstatement established for authorized brokers acting under their supervision shall apply to said legal entities.”.
If the bill is approved, the aforementioned legal entities could also organize real estate exchanges or multi-party mechanisms for the promotion and sale of properties, provided they comply with the requirements established by law and have prior authorization from the Ministry of Industry, Commerce and SMEs.
Prohibitions
People convicted of fraud-related crimes would not be allowed to act as intermediaries in real estate transactions; likewise, anyone convicted of certain economic crimes, such as fraud, forgery or malicious use of public or private property, misappropriation, among others, would be barred from acting as a real estate intermediary.
